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Big blockchain developments are coming out of China this quarter as the blockchain firm Seven Stars Cloud Group secured a major fundraising contract with the National Transportation Capacity Co. Ltd. (NTS). NTS is the largest electric vehicle provider in the country.

Chinese officials are looking towards upgrading all of their public buses to electric vehicles within the next three years. The Seven Stars Cloud group is raising a total of $24 billion in investment capital to accomplish this task.

News of the strategic partnership first appeared in an August press release. The press release revealed many essential aspects of the exclusive deal. According to the release, Seven Stars Cloud Group will issue lease financing products directly through the firm’s blockchain network. The firm utilizes a regulatory compliant blockchain protocol, making it ideal for such a task.

Initially, Seven Stars Cloud Group will offer these products to the Chinese market. Developers have stated that they will expand their products to include a global audience in the coming months. The platform’s developers hope to cover both fixed income products and asset digitization in the future.

Chinese officials will need to raise an estimated $145 billion in investment capital to achieve their goal of a fully electric public bus system. The move would help China lower its dependence on foreign oil, and reduce harmful emissions within the country. Both movements represent critical advancements in China’s development.

Seven Stars Cloud Group will raise approximately $8.75 billion in investment capital through the sale of fixed income products to the Chinese market. The Chairman and CEO of the firm, Bruno Wu called the deal “ground-breaking” in a public statement.

Chinese Electric Bus Station via Caixinglobal

In another interview, Mr. WU explained that the contract is one of the largest of its kind. Rarely do you see such a large-scale, asset-backed contract when discussing blockchain firms. The deal showcases the advantages of taking asset-based financial products into the digital era. The combination of regulated financial infrastructure, asset-backed products, and advanced AI risk management could prove to be the perfect example for future large-scale blockchain integration.

The Chinese-based Seven Stars Cloud Group trades on NASDAQ under the symbol SSC and is among a growing number of blockchain platforms that are SEC compliant. Seven Stars provides companies access to AI protocols, digital finance systems, and blockchain-based platforms.

NTS owns and operates the world’s largest fleet of electric buses. The company was able to secure this position through a combination of factors.

Policy incentives played a significant role in allowing for the firm’s unprecedented growth. Electric buses can cost up to four times more than traditional diesel-powered vehicles. But, NTS received numerous government grants to help offset the costs of the upgrade.

Additionally, NTS pioneered a lease program that allowed Chinese cities to acquire buses after making a relatively small down payment. In most instances, cities purchased their buses for around $90,000 – $120,000 per vehicle. These reduced costs made it possible for cash-strapped municipalities to upgrade their public transportation for much cheaper than previous estimates.

NTS also offers a lifetime warranty on all of their buses’ batteries – one of the most expensive components of electric vehicles. NTS buses utilize specially made batteries that allow the coaches to sustain a full day of operation without recharging.

The President of National Transportation Capacity Co Ltd, Jihong Huang, stated that his firm was “delighted” to enter into this deal. He explained that the agreement was historic due to the size of the fixed-income digitization required. The use of blockchain technology will allow the company to upgrade their traditional lease financing system while reducing the overall costs of the platform.

China has grappled with rising air pollution concerns for the last decade. According to the Chinese Ministry of Health, cancer is the leading cause of death in the country. The same report showed that hundreds of thousands of people die yearly due to air pollution-related diseases. The report also highlighted the fact that 500 million Chinese citizens lack access to clean air.

While most of the air pollution reported originates from China’s use of coal, which is greater than that of all other countries combined, a large percentage of pollutants comes from China’s roadways. These statistics forced Chinese officials to quickly consider the move towards electric vehicles.

The city of Shenzhen already has more electric buses in operation than any major US city, according to a recent report published by CleanTechnica. According to the city’s transport commission, Shenzhen has transitioned 16,359 buses to electric vehicles in the last year alone. Additionally, 63 percent of the country’s taxis run on electricity.

Shenzhen Electric Bus Adoption via WRI CHINA

The scale of this agreement is sure to place asset-backed digital offerings firmly on the map according to Mr. Huang. The company will rely on Seven Stars Cloud Group’s digital asset production and services-based ecosystem enablement to complete the required tasks.

China isn’t alone in their electric vehicle aspirations. Today, many countries are turning to electric vehicles to help reduce harmful air pollution in their regions. A recent report released by Reuters showcases that the US, Germany, Taiwan, Israel, Australia, Belfast, and the UK all have electric car initiatives in place.

Chinese officials look toward energy independence with this latest maneuver. The country continues to experience growth in all economic sectors, and by converting to electric vehicles, China takes the lead in this ever growing market. Considering that China is the largest automotive market in the world, the changes made here will inevitably produce a ripple effect throughout the entire automotive industry.

The combination of blockchain tech, AI, and electric vehicles seems like a match made in heaven. It will be interesting to see how these developments shape the global oil markets, and how auto manufacturers adjust their strategy to accommodate this new strategy.

The post Seven Stars Cloud Secures $24 Billion Contract to Upgrade Chinese Bus Fleet appeared first on CoinCentral.

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